Coventry, Santander and TSB announce mortgage rate price cuts of up to 0.45%

by Aaron Strutt

Apr 15 2026

Coventry Building Society, Santander and TSB have all announced that they will be improving their mortgage rates, with TSB making the biggest price reductions of up to 0.45%.

Santander has announced that on Thursday, 16 April, it will reduce selected first-time buyer and home mover fixed and tracker rates by up to 0.30%, as well as its buy-to-let purchase fixed rates.

TSB is lowering its two-year fixed house purchase rates by up to 0.45%, while raising the price of some mortgages available to its existing customers by up to 0.15%. 

Coventry is also lowering rates, but it has not said by how much, while Bank of Ireland is launching new rates across its new business residential and Bespoke mortgage product ranges at 9 am on Thursday, 16 April.

Summary of Santander's mortgage changes:

New business fixed rate reductions for first-time buyers and homemovers - selected fixed rates are reducing by up to 0.28%. Santander's large-loan home mover fixed rates are being reduced by up to 0.12%. Tracker rate reductions for first-time buyers and home movers include selected tracker rates reduced by up to 0.30%. Also, large loan home mover tracker rates are reducing by 0.15%. Buy-to-let property purchase - selected fixed rates reducing by up to 0.25%.

Santander is also making product transfers and fixed-rate price reductions for its existing customers. All residential 80% and 85% LTV one-, two-, three-, and five-year fixed rates are reducing by up to 0.19%. All 90% loan-to-value one and 2-year fixed rates are also reducing by up to 0.25%.

Does this mean fixed-rate mortgages will keep getting better?

Aaron Strutt, product director at Trinity Financial, says: "We have a rare bit of good news in the mortgage market with Santander announcing that it is lowering the price of its fixed and tracker rates. Many of the bigger lenders have not changed their rates for a few weeks now, which is something we have not been used to over the last few months. While rates are coming down, they could go up again if there is more global bad news. This change from Santander hopefully means that other lenders will bring their rates down a bit as well. 

"TSB is following Santander by making some chunky rate reductions, which is very welcome news for anyone on the hunt for a more competitively priced mortgage. It seems likely the other big lenders will announce rate cuts soon. TSB has made a few 0.5% rate rises recently, so it is great to see the bank cutting its prices again.

"The most competitively priced tracker-rate mortgages still look like a good bet because they are so much lower than many of the two-, three-, and five-year fixes."

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage